The global petrochemicals market size is projected to reach USD958.8 billion by 2025

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May 21, 2019, 20:02 ET

NEW YORK, May 21, 2019 /PRNewswire/ -- Petrochemicals Market Size, Share & Trends Analysis Report By Product (Benzene, Xylene, Ethylene, Propylene, Styrene), By Region (CSA, North America, Europe, Asia Pacific, MEA), And Segment Forecasts, 2019 - 2025

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The global petrochemicals market size is projected to reach USD958.8 billion by 2025, expanding at a CAGR of 8.5% over the forecast period. Increasing demand for ethylene, propylene, methanol, and benzene in different end-use industries is anticipated to propel the global market demand. Government support and favorable policies in Asian countries, such as China and India, are expected to further accelerate market growth.

The methanol product segment is anticipated to witness robust growth on account of its high demand in the production of formaldehyde gasoline, methanol olefins, and other chemicals.They have a high preference in various end-use industries, including plastic manufacturing, paints and adhesives, construction, automotive, and pharmaceuticals.

It is extensively used in the production of biodegradable lubricants, which reduce air pollution and are considered safer than other fuels. The production of biodiesel is supported by regulatory bodies as a measure to reduce carbon footprint.

Middle East is one of the most favorable and rapidly growing regional markets in the petrochemical industry.Abundant natural gas and crude oil availability provides the region with a strategic advantage in the production of petrochemicals.

The strong position achieved by manufacturers in the production of monoethylene glycol, ethylene oxide, polyethylene, and methanol is expected to further boost the consumption of petrochemicals.

Further key findings from the study suggest:
• In terms of revenue, styrene is projected to expand at a CAGR of 9.1% from 2019 to 2025, owing to its increasing demand in the manufacturing of various products, such as acrylonitrile butadiene styrene (ABS), expanded polystyrene, and polystyrene
• Decline in crude oil prices have helped reduce oil-refining costs and the weaker yen has made locally sourced naphtha more attractive, thereby curbing imports and boosting exports
• China is expected to grow significantly over the forecast period owing to increasing urbanization and rapid industrialization. The country is investing heavily in manufacturing ventures and is touted to account for a large part of petrochemical consumption
• Petrochemical manufacturers are involved in developing bio-based products to address environmental issues and expand their product portfolio, especially in North America and Europe
• Some of the key industry participants are ExxonMobil, SABIC INEOS Phenol Gmbh, and Royal Dutch Shell Co. Other prominent players include LyondellBasell Industries; and Mitshui Chemicals Inc.

Read the full report: https://www.reportlinker.com/p05763799/?utm_source=PRN

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